Sun Edison, TerraForm Close Financing for 97MW of UK Solar Farms

SunEdison Inc. and its partner TerraForm Power Inc.  have closed financing for  97-megawatt portfolio of operating solar projects in the UK.

Financing for the construction of the solar farms came from Bayerische Landesbank, which provided a £84.6 million (US$126.4 million) non-recourse loan. EDF Energy will purchase the output under a 15-year power-purchase agreement  with SunEdison.

The projects comprise eight large-scale solar farms across England and Wales that will have the combined capacity to power nearly 30,000 homes per year. Individual project size varies from 6MW to 19MW. The projects were connected to the grid in the first quarter of 2015

TerraForm Power has acquired plants with a capacity of 53MW from this portfolio under a deal that was announced in March. It intends to acquire the remaining 44MW, currently included on SunEdison’s Call Right Project List for TerraForm Power, during the second quarter of 2015.

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